Lt. Governor Hochul stepping in as New York’s governor should have an immediate and, in our view, positive impact on New York’s cannabis industry.
Despite passing legislation in March, Gov. Cuomo has always been a reluctant supporter of cannabis legislation.
Elected officials have taken no clear steps to create the promised cannabis industry grounded in social justice, economic equity, and environmental renewal.
Gov. Cuomo signed into law the “Marijuana Regulation and Taxation Act“ which includes provisions that may change how the state will regulate its hemp industry.
The legislation will also help those unfairly punished for a marijuana-related activity that would now be legal.
A new bill is expected to include a 13% sales tax with an excise tax of up to 3 cents per milligram of THC content.
Lawmakers are to vote on the bill early this week after months of talks between the Senate, Assembly and Gov. Andrew Cuomo’s office.
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